Tariff refund announcements are gaining traction across corporate earnings calls, with car manufacturers Ford Motor Co. and General Motors among the early participants of the Trump administration's claims process.
Ford Motor Co. recorded a $1.3 billion benefit in the first quarter tied to potential tariff refunds, CFO Sherry House said in an April 29 earnings call. That disclosure came a day after competitor General Motors announced that it expects to receive $500 million in tariff refunds.
“We don’t have certainty as to when that is going to come in,” House said of the company’s anticipated tariff refund. “We did not put that in the guidance at this time.”
U.S. Customs and Border Protection last month began accepting claims from businesses for refunds tied to tariffs that were struck down by the U.S. Supreme Court in February. The agency expects to begin issuing refunds for the invalidated tariffs as soon as May 11.
Ford and General Motors are among a growing number of companies that have addressed the topic in recent earnings calls.
On April 24, Procter & Gamble CFO Andre Schulten said his company is estimating potential tariff refunds of about $150 million, after tax. He said the amount the company will ultimately recover is unclear.
Apple is also seeking a refund, which, if obtained, will be reinvested into U.S. innovation and “advanced manufacturing,” according to CEO Tim Cook.
“In terms of applying for a refund of tariffs paid, we’re following the established processes,” Cook said during a Thursday earnings call. The iPhone maker’s planned use for any refund “would be in addition to our prior commitments in the U.S.,” he said.
Apple didn’t disclose how much it expects to receive in refunds or provide more details on its reinvestment plans. An Apple spokesperson did not immediately respond to a request for comment.
